Juragan Material, an Indonesian platform for construction technology, has announced raising $4 million from lead investor Go-Ventures. In this round, Susquehanna International Group (SIG) also took part.
With this funding, Juragan Material intends to expand its workforce by making quick hires for crucial positions in product development, engineering, sales, and operations boost market penetration in the B2B building materials industry and carry on with product innovation and ecosystem development.
Arum Putri, Vice President at Go-Ventures, said the construction sector’s supply chain is highly fragmented with multiple layers, resulting in unpredictable demand and supply, lack of pricing transparency, inconsistent quality of materials, and an overall lack of coordination.
“Less than 1% of supply chain transactions are captured digitally, such that contractors and project owners must resort to highly inefficient and cumbersome procurement methods,” Putri added.
Juragan Material’s B2B marketplace offers a practical procurement solution for locating building materials from reputable principals and suppliers by digitizing procurement in the construction industry.
Contractors and project owners can gain from less time and effort spent sourcing products, fewer mistakes on-site, and better control over project timelines thanks to the platform’s onboarding of over 9,000 SKUs and over 180 brands across structural, architectural, mechanical, and electrical products.
Tito Putra, CEO, and Co-Founder of Juragan Material know how the industry felt since they also experienced a similar situation before. The experience prompted Putra and his team to help digitise the Indonesian construction industry.
The new funding, Putra added, would allow them to scale their impact by continuing to improve their platform and launch more innovative tech solutions, such as workflow management tools and services to drive greater efficiencies and transparency to support the productivity of their stakeholders.
One of Indonesia’s most rapidly expanding building technology companies, Juragan Material was established in 2021. The company has increased GMV by a factor of two on average every month for the past year while retaining favorable unit economics.